NEED HELP COPING WITH STUDENT LOAN DEBT?

Student loan debt is a tremendous problem in this country today and if you are one of the millions of consumers trying to resolve their defaulted student loans you need a firm you can trust to guide you in the right direction.  Graham & Borgese has helped countless people across the nation deal with their student loan debt. We are knowledgeable regarding your various rights and opportunities and among other things can help:

– Stop harassing debt collection calls,

– Prevent wage garnishments or IRS offsets,

– Adjust your monthly payments,

– Stop or prevent costly legal action, and/or

– Erase negative credit reporting.

Federal Student Loans vs. Private Student Loans:

As you may be aware, there are several important differences between private student loans and federal student loans – both in the how they can be obtained and how they can be collected when a borrower defaults.

Private Student Loans:

These are secured through a private lending institution and require a lawsuit in the event of your default to force repayment of the debt. Additionally, these types of student loans have an applicable Statute of Limitations like other written contracts, but the trade-off is that they do not afford borrowers the same type of repayment programs as federal student loans. Generally, these loans cannot be discharged in bankruptcy.

Federal Student Loans:

These types of loans come in many different forms and typically offer better interest rates to borrowers. They do not have a Statute of Limitations like private loans however and do not even require litigation to force repayment of the debt. In fact, Federal loans afford the lenders much more power to pressure or force you to repay the debts, including:

– Your income tax returns may be intercepted and applied to your unpaid loans,

– You will not be eligible to borrow more federal financial aid,

– You’ll become ineligible for deferments,

– You may not be able to renew a professional license you hold; and

– You may be prohibited from enlisting in the Armed Forced, among other things.

Because of the significant power these lenders have in collecting the unpaid loans, they are required to offer several programs to assist in repayment that private student loans do not need to offer, such as:

Student Loan Consolidation:

This allows the borrower to get a fresh start – renewing eligibility for new loans, grants, and even payment deferments.  Consolidation also updates and improves the status of student loans on credit reports and eliminates the possibility of tax intercepts, wage garnishments, or other collection efforts. Government student loan consolidation programs are especially helpful, because the borrower can choose from one of several income-based repayment plans. Consolidation loans, as the name suggests, serve to combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. As of July 1, 2010, the Direct Loan consolidation program is the only government consolidation loan program still available.  This means that FFEL consolidation loans are no longer available.

Student Loan Rehabilitation:

This is an attractive option for those individuals seeking to repair their credit report because loan rehabilitation restores your student loans to their pre-default state and can erase any negative information listed with the three major credit bureaus.  This of course will likely raise your credit score, making you a better candidate for obtaining future credit.  While student loan rehabilitation is an extremely attractive option for those in default, it is only available once and thus a person must be financially prepared to meet the various conditions.

How Can Graham & Borgese Help?

Determining what types of loan(s) you have, or what types of programs or liabilities are associated with your specific loan(s) can itself be quite challenging. Graham & Borgese can help you evaluate your student loan situation, advise you of your rights and options for your particular loans, and help eliminate the stress associated with these types of debts.  We have helped so many people get back on track with their student loan debt and save tens of thousands of dollars.  We may be able to do the same for you. Please call one of our offices today for a free consultation.

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